22 Jan 2015
EUR/JPY: No clues on directional strength - FXStreet
FXStreet (Bali) - Valeria Bednarik, Chief Analyst at FXStreet, provides her technical view on EUR/JPY ahead of the ECB monetary policy meeting, noting that price is giving no clues on directional strength at the time being.
Key Quotes
"The Japanese yen resumed its advance across the board, following BOJ’s monthly economic meeting where the Central Bank its current policy unchanged, as according to Governor Kuroda, the economy continues to recover and inflation will likely reach the 2% target by the end of the year."
"The EUR/JPY cross fell as low as 135.79 intraday, in the green however amid stocks’ bounce. The short term picture shows that the price stands above its 100 SMA in the hourly chart, albeit indicators are losing the upward potential around their midlines, giving no clues on directional strength at the time being."
"In the 4 hours chart however, technical readings present a mild positive tone as per momentum aiming higher above 100 and RSI around 47. The weekly high stands at 137.63, so it will take a price acceleration through it to confirm a recovery that can extend up to the 138.80 price zone."
Key Quotes
"The Japanese yen resumed its advance across the board, following BOJ’s monthly economic meeting where the Central Bank its current policy unchanged, as according to Governor Kuroda, the economy continues to recover and inflation will likely reach the 2% target by the end of the year."
"The EUR/JPY cross fell as low as 135.79 intraday, in the green however amid stocks’ bounce. The short term picture shows that the price stands above its 100 SMA in the hourly chart, albeit indicators are losing the upward potential around their midlines, giving no clues on directional strength at the time being."
"In the 4 hours chart however, technical readings present a mild positive tone as per momentum aiming higher above 100 and RSI around 47. The weekly high stands at 137.63, so it will take a price acceleration through it to confirm a recovery that can extend up to the 138.80 price zone."